CROMARIS PERFORMS WELL DESPITE PANDEMIC CHALLENGES
Cromaris performs well despite pandemic challenges. The COVID-19 crisis caused logistics challenges in fresh fish and fish product distribution at the end of Q1 2020 and in Q2 2020 for Mediterranean bass and bream producer, Cromaris.
The shutdown of catering establishments in its key markets drove the company to shift its focus to retail chains, which required it to quickly adapt its sales portfolio, as well as the organisation of its production and distribution.
In 2020, Cromaris sold 10,376 tonnes of whole fish equivalent, up 9% year-on-year. Export volumes were up 17%. Export markets account for 84% of Cromaris’ sales volumes, and 86% of its sales revenue. Revenue from differentiated products, mainly fresh gutted and packaged fish – sea bream, sea bass and meagre fillets – was up 16%.
At the moment, differentiated products account for 48% of the company’s sales revenue, in line with Cromaris’ strategy of standing out from the competition. Average prices increased 2%. Sales revenue in 2020 amounted to HRK 512 million and was up 8% year-on-year. Cromaris posted a net profit of HRK 9.2 million in 2020.
Cromaris is a leading premium positioned company in production and processing of high quality Mediterranean fish and the sixth biggest company in the world in farming of sea bass and seabream, and the fastest growing company with a trend of further growth.